- Briefing Your roundup of Asian tech and startup news that matter
Roehl Niño Bautista · · 1 min readEmbattled Reebonz files for voluntary liquidation
“Luxury marketplace Reebonz, which recently made headlines for owing sellers payment, has appointed a provisional liquidator to wind up the company that was founded in 2009,” reported The Business Times.
Details:
- Reebonz director Samuel Lim Kok announced that the company “cannot by reason of its liabilities continue its business.” He says the firm has appointed Tee Wey Lih of Acres Advisory to handle the liquidation.
- The company’s website is closed to new transactions, but an announcement on the page says that orders made until September 3 will be fulfilled.
Dive deeper:
- Reebonz has been bleeding cash over the past few years due to debt and drops in valuation. (Read: Reebonz has been facing cashflow problems and rising debt. It’s now plotting a comeback.)
- As of August 26, the luxury marketplace owes 11 of its sellers more than S$30,000 (US$22,412.81), added The Business Times.
Currency converted from Singapore dollar to US dollar: US$1=S$1.34
Editing by Miguel Cordon and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
